Financial Services Commission Holds Consultation Meeting on Credit Information Act

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission held a briefing session and a consultation meeting on the "Act on the Use and Protection of Credit Information" on the 20th.

The briefing session held at the Korea Federation of Banks was attended by about 500 experts and stakeholders from various fields including the financial sector, fintech industry, and legal community. They presented diverse opinions on the amended bill and the direction of subordinate legislation amendments.

The Financial Services Commission plans to reflect the opinions gathered through the consultation meeting in the draft amendments to subordinate legislation, proceed with the legislative notice of the enforcement ordinance amendment in March, and the regulatory change notice of the supervisory regulations amendment in April, ensuring no disruption in the enforcement of the law.

The Financial Services Commission stated, "The amendment of subordinate legislation will focus on achieving a balance between efficient data utilization and safe information protection."

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